Questions and Answers
4. What is the relationship between the internal auditors and the outside public accountants who audit the University's accounting records?
The outside auditors review the adequacy of supporting documentation for the financial statements for the purpose of expressing an opinion on the reasonableness of the financial statements. They also review the adequacy of major system accounting controls [not administrative controls] to determine the extent to which financial statement audit procedures can be restricted.
Internal audit reviews the adequacy of both accounting and administrative controls. In addition, all significant systems including decentralized systems are reviewed by the Long Island University Internal Audit Department.
